Budgets

Question 1

Budget

Answer 1

A budget is a plan of expected spending over a period of time

Question 2

Importance of budgets

Answer 2

• balance income + expenditure
• help to avoid unaffordable debt
• allow us to set money aside for a “rainy day”

Question 3

Income

Answer 3

Money, goods or services a household receives. It can be every week or month.

Question 4

Current expenditure

Answer 4

When the government spend money on day to day goods and services

Question 5

Capital expenditure

Answer 5

When the government spends money on goods and services that will be a benefit to our country in future years